Report for first quarter 2025

09 May 2025 08:00 CEST

Financial and operating highlights 1Q25 (1Q24 in brackets):

 Operating revenues were NOK 2 896 million (NOK 2 973 million)
 EBITDA was NOK 728 million (NOK 596 million)
 EBIT was NOK 404 million (NOK 317 million)
 Net result after tax was NOK 92 million (NOK 304 million)

Segment highlights 1Q25 (1Q24 in brackets):

Renewable Energy
o EBITDA NOK 506 mill. (NOK 476 mill.)
o 72% higher power prices in UK and 66% lower power prices in Sweden compared to
same quarter last year
o Generation including compensated curtailment is 21% lower than P50 estimate
due to technical issues and low wind
o Mid Hill commenced operation on 25 January
o 49% of Crystal Rig IV sold to Wind Fund I. Project progress on time and budget
o Windy Standard III project commenced construction with expected completion in
1Q 2027

Wind Service
o EBITDA NOK 280 mill. (NOK 174 mill.)
o Backlog of EUR 426 mill. (EUR 514 mill.) for the Tern vessels
o Utilisation of 57% due to yard stays for Bold Tern and Blue Tern
o Divestment of the 50% stake in UWL with transaction date 30 April

Cruise
o EBITDA NOK -33 mill. (NOK 2 mill.)
o Occupancy of 63% (69%) of full capacity mainly due to cancelled Asia cruise
due to the geopolitical situation
o Net ticket income per passenger day of GBP 171 (GBP 172)
o Booking numbers up 11% compared to last year
o Bunker hedged for 75% of estimated remaining consumption in 2025

Other Investments
o EBITDA NOK -25 mill. (NOK -55 mill.)
o EBITDA for NHST NOK 31 mill. (NOK -3 mill.)
o Fred. Olsen 1848, progressing several technologies and innovations within
floating wind and floating solar
o Fred. Olsen Investments, undertaken investments within renewable energy
related companies

Financial information

The unaudited Group accounts for 1Q25 comprise Bonheur ASA (the “Company”) and
its subsidiaries (together the “Group of companies”) and the Group of companies’
ownerships in associates. The main business segments within which the Company is
invested are categorized as follows: Renewable Energy, Wind Service, Cruise and
Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 2 896
million (NOK 2 973 million). Renewable Energy had operating revenues of NOK 774
million (NOK 724 million), Wind Service NOK 1 073 million (NOK 1 183 million),
Cruise NOK 737 million (NOK 788 million). Other investments had operating
revenues of NOK 312 million (NOK 278 million).

EBITDA in the quarter was NOK 728 million (NOK 596 million). Renewable Energy
achieved EBITDA of NOK 506 million (NOK 476 million), Wind Service NOK 280
million (NOK 174 million), Cruise NOK -33 million (NOK 2 million). Within Other
investments EBITDA was NOK -25 million (NOK -55 million).

Depreciation in the quarter was NOK -325 million (NOK -279 million).

EBIT in the quarter was NOK 404 million (NOK 317 million).

Net financial items in the quarter were NOK -199 million (NOK 114 million). Net
interest expenses were NOK -75 million (NOK -78 million). In addition, there
were net unrealized financial losses of NOK -105 million (gain of NOK 210
million), mainly related to exchange rate differences of NOK -103 million (NOK
116 million). Other financial items amounted to NOK -20 million (NOK -18
million).

Net Result in the quarter was NOK 92 million (NOK 304 million) of which NOK -42
million (NOK 171 million) is attributable to the shareholders of the parent
company. The non-controlling interests’ share of the net result was NOK 134
million (NOK 132 million).

More information:
Access the news on Oslo Bors NewsWeb site

645877_Bonheur 1Q 2025 Report.pdf
645877_Bonheur 1Q 2025 - Presentation.pdf